In its second acquisition in just under a week, Dublin-based medical devicemaker Medtronic announced Monday evening that it had purchased Medina Medical, a device company focused on aneurysm treatment.
Medina, a privately-held devicemaker based in Menlo Park, Calif., was acquired for an initial $150 million in cash, with the promise of additional funds upon achievement of key milestones. The Medina Embolization Device is a 3D mesh implant that fills the inside of a brain aneurysm, providing scaffold across the aneurysm neck and conforming to its shape, thereby reducing blood flow.
The device, which will become a part of Medtronic's neurovascular division, has European Conformity, or CE Mark, authorization for commercial distribution in the European Union. It is not yet available for commercial distribution in the U.S.
Executives are betting that the device will one day disrupt the market for endovascular coils, a minimally-invasive treatment in which platinum coils are sent through a catheter in the groin to induce blood clotting in aneurysms in the brain. More commonly, cerebral aneurysms are clipped through surgery on the brain.
Medtronic held an ownership stake in Medina before completion of the acquisition, which will result in a pre-tax gain in the second quarter of the 2016, the company said.
Last week, Medtronic acquired Twelve, a Redwood City, Calif.-based developer of transcatheter mitral valve replacement devices, for $458 million. In July, the company acquired Carlsbad, Calif-based medical devicemaker RF Surgical Systems for $235 million.
